揭露成新標配

全球環境揭露平台 CDP 近日公布 2025 年度 A List，顯示資本市場與實體經濟對高品質氣候與自然數據的需求持續升溫。最新結果不僅反映企業揭露動能的擴大，也揭示區域競逐態勢與「隱性監管壓力」正重塑全球企業對透明度的理解與實踐。

2025 年，共有 640 家管理資產規模達 127 兆美元的投資機構，要求企業透過 CDP 進行環境資訊揭露；同時，超過 270 家大型採購方，透過 CDP 供應鏈計畫向約 45,000 家供應商蒐集環境數據。這一規模顯示，揭露已被視為氣候風險管理、企業韌性與資本配置的基礎設施，而非自願性的永續行為。

CDP, a global environmental disclosure platform, recently announced the 2025 A List, showing that the capital market and real economy’s demand for high-quality climate and natural data continues to increase. The latest results not only reflect the expansion of corporate disclosure momentum, but also reveal that regional competition and "hidden regulatory pressure" are reshaping global companies' understanding and practice of transparency.

In 2025, a total of 640 investment institutions with assets under management reaching US$127 trillion will require companies to disclose environmental information through CDP; at the same time, more than 270 large purchasers will collect environmental data from approximately 45,000 suppliers through the CDP supply chain program. This scale shows that disclosure is viewed as infrastructure for climate risk management, corporate resilience and capital allocation, rather than a voluntary sustainability practice.

揭露規模擴大，市場覆蓋深化

2025 年共有超過 23,100 家企業、城市、州與區域透過 CDP 披露環境資訊。其中，超過 22,100 家企業（占全球市值逾半）提交資料，近 20,000 家獲得績效評分。CDP 持續作為衡量企業氣候治理能力與市場成熟度的重要指標。

Expanded disclosure scale and deepened market coverage

In 2025, more than 23,100 companies, cities, states and regions will disclose environmental information through CDP. Among them, more than 22,100 companies (accounting for more than half of the global market capitalization) submitted information, and nearly 20,000 companies received performance scores. CDP continues to serve as an important indicator for measuring corporate climate governance capabilities and market maturity.

今年共有 877 家企業入選 2025 年企業 A List，約占所有受評企業的 4%。其中，23 家企業同時在氣候變遷、森林與水安全三大領域獲得最高等級的「Triple A」，顯示跨議題的整合性環境行動正被市場視為策略核心。

從區域分布來看，亞洲與歐洲在 A List 中的相對表現最為突出。日本與土耳其的 A 級企業占比分別達 12%，台灣為 8%；歐洲方面，法國達 12%，葡萄牙與西班牙各為 9%。這些市場多具備成熟的產業鏈、投資人結構與氣候政策基礎，顯示揭露規範正在既有制度條件下快速擴散。

This year, a total of 877 companies were selected for the 2025 Business A List, accounting for approximately 4% of all rated companies. Among them, 23 companies received the highest level of "Triple A" in the three major areas of climate change, forest and water security, showing that integrated environmental actions across issues are being regarded by the market as the core of their strategies.

From the perspective of regional distribution, Asia and Europe have the most prominent relative performance in the A List. The proportion of A-level companies in Japan and Turkey is 12% respectively, and that in Taiwan is 8%; in Europe, France is 12%, Portugal and Spain are 9% each. Most of these markets have mature industrial chains, investor structures and climate policy foundations, indicating that disclosure norms are spreading rapidly under existing institutional conditions.

氣候、水與森林揭露同步升級

自 2023 年以來，CDP 在三大評分支柱的 A 級企業數量皆明顯成長。氣候變遷 A 級企業由 346 家增至 751 家；水安全由 101 家升至 263 家；森林議題則由 30 家增加至 55 家。這一趨勢反映企業逐步認知到，氣候與自然風險並非獨立議題，而是與營運、供應鏈與財務表現高度交織。

自然相關風險正快速進入企業治理核心，特別是在供應鏈穩定性、法規合規、品牌價值與投資人審視等層面。對許多跨國企業而言，森林砍伐、水資源壓力與生物多樣性流失，已成為實質的營運與聲譽風險。

地方政府角色持續擴張

環境揭露的參與者亦不再侷限於企業。2025 年，超過 1,000 個城市、州與區域、涵蓋逾 10 億人口，透過 CDP 披露環境數據，其中 122 個地方政府獲得 A 級評等，占受評地方政府的 15%。

Climate, water and forest revelations escalate simultaneously

Since 2023, CDP’s number of A-grade companies in all three scoring pillars has grown significantly. The number of A-level companies on climate change increased from 346 to 751; the number of companies on water security increased from 101 to 263; and the number of companies on forest issues increased from 30 to 55. This trend reflects companies’ gradual recognition that climate and natural risks are not independent issues, but are highly intertwined with operations, supply chains and financial performance.

Nature-related risks are quickly entering the core of corporate governance, especially at the levels of supply chain stability, regulatory compliance, brand value and investor scrutiny. For many multinational companies, deforestation, water stress and biodiversity loss have become substantial operational and reputational risks.

The role of local government continues to expand

Participants in environmental disclosure are no longer limited to corporations. In 2025, more than 1,000 cities, states and regions, covering more than 1 billion people, will disclose environmental data through CDP, and 122 local governments will receive A-level ratings, accounting for 15% of the rated local governments.

即便面臨財政壓力與宏觀不確定性，地方政府的參與度仍維持穩定。許多城市將揭露視為規劃工具，用以辨識氣候風險、設定基礎建設優先順序，並引導公共與私人投資。雖然 A List 仍以歐洲與北美城市為主，但全球南方城市的持續參與顯示，氣候風險曝險與快速城市化正驅動透明度需求，即使在資源有限的情況下亦然。

對資本市場與企業高層的意涵

對企業管理層而言，CDP 的結果再次凸顯「可決策型數據」的重要性。投資人正將環境揭露視為風險評估的前提條件，而非加分選項。供應鏈揭露進一步放大市場壓力，買方要求對上游生產中隱含的水風險、森林影響與轉型風險具備更高可視性。

Even in the face of fiscal pressure and macro uncertainty, local government participation has remained stable. Many cities use disclosure as a planning tool to identify climate risks, set infrastructure priorities, and guide public and private investment. While the A List remains dominated by European and North American cities, continued participation from cities in the Global South shows that climate risk exposure and rapid urbanization are driving the need for transparency, even with limited resources.

Implications for capital markets and corporate executives

For corporate management, the results of CDP once again highlight the importance of "decision-making data." Investors are viewing environmental disclosures as a prerequisite for risk assessment rather than a bonus. Supply chain disclosures further amplify market pressure, with buyers demanding greater visibility into water risks, forest impacts and transition risks embedded in upstream production.

CDP 執行長 Sherry Madera 表示，市場已釋出明確訊號：清晰且一致的環境數據，是健全決策不可或缺的要素。2025 年揭露動能顯示，不同規模與產業的組織，皆已認知透明資訊在提升韌性、促進創新與吸引投資上的價值。

全球意義

Sherry Madera, Chief Executive Officer of CDP, said that the market has sent a clear signal: clear and consistent environmental data is an indispensable element for sound decision-making. The 2025 Disclosure Momentum shows that organizations of all sizes and industries recognize the value of transparent information in building resilience, promoting innovation and attracting investment.

global significance

CDP 2025 年資料集的廣度，顯示環境揭露已成為氣候治理與財務策略的核心工具。從調適規劃到資本預算，市場正將環境資訊納入日常決策流程。A List 呈現的是領先者樣貌，但更大的趨勢，是透明度在全球範圍內的制度化。

The breadth of CDP’s 2025 dataset shows that environmental disclosure has become a core tool in climate governance and financial strategy. From adaptation planning to capital budgeting, markets are incorporating environmental information into daily decision-making processes. A List presents the appearance of a leader, but the larger trend is the institutionalization of transparency on a global scale.

隨著各國推進強制性揭露法規、投資人持續提高期待，環境揭露已從倡議行為轉為管理機制。CDP 的最新結果顯示，透明度不再是企業績效的邊緣議題，而是全球氣候與自然金融體系中的關鍵運作元素。

As countries advance mandatory disclosure regulations and investors continue to raise their expectations, environmental disclosure has shifted from an initiative to a management mechanism. The latest results from CDP show that transparency is no longer a fringe issue on corporate performance, but a key operating element in the global climate and nature finance system.